Crypto Scams Using Name of Celebrities Rising in UK

The worrying thing is that number of such crypto scams misusing celebrity endorsements is going to be almost double as compared to last year,

Crypto Scams Using Name of Celebrities Rising in UK
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Scammers using names and status of famous celebrities to loot people of their money was not a new phenomenon. Rather crypto world also became a ready victim of such frauds for the last few years.

Now, the really worrying information about crypto scams is that the rise in number of such scams in the name of celebrity endorsements is going to be almost double as compared to last year, as per a report Banco Santander, cited by Bloomberg.

The report tells about rise of crypto scams being done by scammers representing and misusing names of famous personalities and claiming their endorsement of crypto assets.

Gullible investors, actuated by their greed for easy and quick money get a trigger when they see (though falsely) their favorite celebrity endorsing his choice to be. And the victim parts with their hard money and fall into deep trap of fraudster.

Bloomberg mentions UK billionaire Richard Branson telling that he is stepping up efforts to stop misuse of him name for fraudulent crypto schemes. BBC also reported a few months ago that Prince Harry and Meghan and other celebrities’ photos and interviews were being misused to promote crypto schemes.

Santander UK says that there is an expected increase of 87% in volume of crypto scam cases in 2022 as compared with 2021. The false claims of celebrity endorsements is one of the major tactics employed by fraudsters to con the investors, almost double in a year.

Santander UK is one of the leading financial services proving company in UK with its Head Office in Euston, London.

Chris Ainsley, head of fraud risk management, Santander UK, said: “We’re seeing a worrying rise in ‘celebrity-endorsed’ cryptocurrency scams, where familiar faces are being misused on social media in order to con people out of often life-changing sums of money.

He also said that more people are losing money than those who earn despite the ostensible promise of high return. He issued some words of advice for people that before believing any such promise of high return or trusting any endorsement from celebrities, proper research should be conducted to examine the genuineness of such promises, claims or endorsements

Recently, it was reported a $100 million scam in Harmony’s Horizon Bridge. Attorney General of USA also advocated for international coordination for tackling crypto crimes.

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